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Gamuda 4Q earnings up 46%

KUALA LUMPUR: Gamuda Bhd registered a 45.5% rise in net profit to RM126.2 million for its 4QFY11 ended July 31 from RM86.7 million in FY10. Revenue grew 13.4% to RM810.6 million in the same period.

For its FY11 ended July 31, Gamuda's net profit rose 31.7% year-on-year to RM425.4 million. It posted RM2.67 billion in revenue for the cumulative 12-month period  compared with RM2.45 billion last year. Net assets per share stood at RM1.79.

The company noted that the improved earnings were due to higher contributions from all divisions.

In its filing with Bursa Malaysia on Thursday, Sept 29, Gamuda said group results are expected to further improve next year supported by ongoing construction projects, strong demand and sales generated by the property division and recurring earnings from the water and expressway concession divisions.

The group which is involved in the Mass Rapid Transit (MRT) project said the MMC Corp Bhd-Gamuda joint-venture company's role as the project delivery partner (PDP) for the MRT remains unchanged and added that the PDP agreement is expected to be finalised by next month.

Gamuda is also involved in the electrified double-tracking railway project which it said is expected to be completed in 2014. It also noted that its construction of the new Doha International Airport and Yen So sewage treatment plant in Vietnam is expected to be completed by year-end and first half of 2012 respectively.

In its statement, Gamuda added that the property division set a new record by achieving property sales of RM1.3 billion in the current financial year.

"This represents a growth of 60% year-on-year. Unbilled sales exceeded RM1 billion which are also a record for the group.

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